Lakeland Bank Provides $6M Refinance Loan For Office Building In Brooklyn
1419 Myrtle Avenue, Brooklyn, New York 11237, United States
$6,000,000
$1,200/SF
Building Size
5,000 SF
Asset Type
Office
Closing
Mar 31, 2022
About this deal
AI
Located in the bustling market of Brooklyn, the office property at 1419 Myrtle Avenue has recently undergone a refinancing transaction. Spanning an impressive 5,000 square feet, this office space offers a prime location for businesses looking to establish their presence in this vibrant neighborhood.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $6,000,000
- Address: 1419 Myrtle Avenue, Brooklyn
- Lender: Lakeland Bank
- Landlord: Lewis Barbanel
- Brokers: Brad Domenico & Eddie Miro - Progress Capital
Leading the deal is Brad Domenico & Eddie Miro from Progress Capital, who facilitated the refinancing process. Their expertise and dedication ensured a successful transaction for all parties involved. The loan provided by Lakeland Bank has provided the necessary funds for the property's continued growth and success.
On the Map
$6,000,000
$1,200/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93